Termination

(a) In general The President may terminate the application of such sanctions with respect to— (1) any person that— (A) has taken genuine and verifiable steps to end their participation in or facilitation of hostile actions against the Republic of Armenia for a period of not less than one year after the application of sanctions under section 4; and (B) the President determines does not pose a substantial risk of re-engaging in hostile actions against the Republic of Armenia for a period of not less than one year after the application of sanctions under section 4; and (2) any foreign financial institution upon the President’s certification that the Republic of Azerbaijan has ceased all hostile actions against the Republic of Armenia for a period of not less than one year after the application of sanctions under section 4. (b) Release of credited funds (1) In general Upon a Presidential certification under subsection (a)(2) with respect to a foreign financial institution, the President may authorize the release of any funds to Azerbaijan which were owed but had been instead credited to an account pursuant to section 4(d)(5). (2) Report Not later than 15 days after the date on which funds have been released to Azerbaijan under this subsection, the President shall transmit to appropriate congressional committees a report on the release of such funds. (c) Report Not later than 15 days prior to the termination of sanctions with respect to a person under subsection (a), the President shall submit a report to the appropriate congressional committees that includes— (1) the name and nationality of the person against whom sanctions are being terminated; (2) the hostile actions previously committed or facilitated by such person that led to the imposition of sanctions against the person; (3) the genuine and verifiable steps taken by the person to end the person’s participation in or facilitation of hostile actions against the Republic of Armenia; and (4) the President’s determination that the person does not pose a substantial risk of re-engaging in hostile actions against the Republic of Armenia.